Transparency, accountability in public fund management

Increase of tax collection, fund allocation and ensuring transparency and accountability in public fund management, poverty alleviation, reducing the income disparity should get most priority in the upcoming national budget. According to World Health Organization’s report 52 lakhs peoples are living under poverty line in the country who do not have access to   proper health care service. So, sufficient amount of budget must be allocated for health sector for providing maximum health service to the rural poor and hard core poor people of the country, so that they could fully engage in economic main stream activities-speakers told at a seminar in the city on Saturday.

P__Rel__5__5__18The Institute of Chartered Accountants of Bangladesh (ICAB) organized a CPD seminar on ‘An Analysis on Macroeconomic Performance of Bangladesh’ at CA Bhaban where Dr. Kamal Uddin Ahmed, Member, Planning Commission, GoB was present as the chief guest. ICAB President Dewan Nurul Islam FCA delivered welcome speech and Anwaruddin Chowdhury FCA, Member Council & Past President-ICAB conducted the session as Session Chairman. Md. Shahadat Hossain FCA, Member Council-ICAB and Partner, FAMES & R, Chartered Accountants presented the Key Note paper. ICAB Vice President Mahmudul Hasan Khusru FCA delivered the concluding remarks. The paper emphasized on the nature of macroeconomic performance of the country in the recent past years and the information has been compared in some cases year to year.

The economy of the country is maintaining GDP growth rate on an average 6.5% to 7.05% in last few years. Per capita income has increased to USD around sixteen hundred. To keep the inflation within the tolerable range through controlling the demand pull inflation the annual money and credit growth must be consistent with the growth rate of commodities, the paper stated.

It also emphasized for social safety net programmes and said that the government should continue subsidization of commodities like providing goods and services that everyone needs cheaply and also should effectively raise the purchasing power of the poor of the society, the paper stated. To generate more employment, the government should take effective steps to ensure sufficient amount of credit by creating marketing opportunity to sale the products of small and micro enterprises which ultimately accelerate the growth of SMEs, it further stated.

Special attention is required to be given to complete the ongoing mega projects in time so that it could reduce the implementation cost of these projects which ultimately would reduce the burden on national exchequer, suggestions came from the seminar paper.